Payments giant PayPal has agreed to acquire Swift Financial, a provider of working capital solutions to small businesses in the US.

Headquartered in Delaware, Swift Financial provides funding to thousands of growing companies in the US.

Back in 2013, in an effort to increase access to capital for small businesses, PayPal launched PayPal Working Capital, a financing product that has provided access to more than $3 billion in funding to more than 115,000 small firms.

In a blog posting, PayPal stated: “We know and value Swift’s technology platform and people, and we believe their talent and capabilities will further strengthen our overall merchant value proposition. Building upon an existing commercial relationship, the acquisition of Swift Financial will enable us to better serve small businesses by enhancing our underwriting capabilities to provide access to affordable business financing solutions to more businesses to help them grow and thrive.

“While PayPal Working Capital provides access to capital based exclusively on proprietary insights, Swift’s technology will allow us to assess supplemental information to more fully understand the strength of a business and provide access to complementary financing products to meet the needs of small and mid-sized businesses.”

The acquisition is expected to close later this year.

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